FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances

FantasyDraft will rescue the client balances of the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday regarding the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated his company is stepping in so that they can save the ‘lifeblood associated with the industry.’ The majority that is vast of Aces customers will be paid in cash, while larger balances are topped up with FantasyCash.

FantasyDraft was regarding the verge of acquiring the site month that is last it pulled out of the offer citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings quickly unveiled the truth that is messy Fantasy Aces’ situation: the company had unsuccessful to segregate player funds from its operational costs and owed its customers $1.3 million.

An account listed in the filings as ‘Players Account’ included just $2,419. Whilst the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, it said it had liabilities of $2.96 million.

In quick, Fantasy Aces could not pay its customers.

99.6 Percent to Get Cash

‘As members associated with the DFS community devoted to doing things the correct way, we feel that we have to do our component to safeguard the lifeblood of this industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.

‘So, we’ve decided getting invol Continue reading “FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances”

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota charitable games are used by roughly 1,200 nonprofits across the Gopher State as a way to grow revenue for the missions of their respective organizations.

But the latest fiscal report on the legalized gambling sector shows that state tax coffers are getting rich, while the actual groups themselves are barely pulling in more money than they deliver to St. Paul.

The Irving Community Club supports youth programs, but their website makes no secret about how they raise money. A Minnesota charitable games bill seeks to help lessen the organization’s tax burden.

The Star Tribune, the largest circulated newspaper in Minnesota, published a story this week showing that nonprofits paid $60.6 million in state taxes last year, while spending $62 million on their charitable work. And while overall the nonprofits engaged in charitable games still came out on top, that wasn’t the case for some groups.

For example, the Irving Community Association was on the hook for $733,000 in state taxes i n2016. But the 501(c)(3) group that supports youth organizations around the Duluth area spent just $306,000 on actual mission programs.

Tax rates vary depending on an organization’s total gambling revenue and which games they offer. Groups pay between 8.5 and 36 percent of their gross receipts on games like pull-tabs and electronic bingo to the state.

Some observers blame the nonprofits for having too much overhead, whil Continue reading “Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits”

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits

Minnesota charitable games are used by roughly 1,200 nonprofits across the Gopher State as a way to grow revenue for the missions of their respective organizations.

But the latest fiscal report on the legalized gambling sector shows that state tax coffers are getting rich, while the actual groups themselves are barely pulling in more money than they deliver to St. Paul.

The Irving Community Club supports youth programs, but their website makes no secret about how they raise money. A Minnesota charitable games bill seeks to help lessen the organization’s tax burden.

The Star Tribune, the largest circulated newspaper in Minnesota, published a story this week showing that nonprofits paid $60.6 million in state taxes last year, while spending $62 million on their charitable work. And while overall the nonprofits engaged in charitable games still came out on top, that wasn’t the case for some groups.

For example, the Irving Community Association was on the hook for $733,000 in state taxes i n2016. But the 501(c)(3) group that supports youth organizations around the Duluth area spent just $306,000 on actual mission programs.

Tax rates vary depending on an organization’s total gambling revenue and which games they offer. Groups pay between 8.5 and 36 percent of their gross receipts on games like pull-tabs and electronic bingo to the state.

Some observers blame the nonprofits for having too much overhead, whil Continue reading “Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits”

Nj-new jersey Online Gaming Study Predicts Huge Growth Trend Will Stay in 2017

Nj-new jersey Online Gaming Study Predicts Huge Growth Trend Will Stay in 2017

New Jersey online gaming had its best year up to now in 2016, plus the future, at least according to one new study, will probably be even brighter.

Pennsylvania is expected to think about passing an igaming law this year, and that would be further good news for brand New Jersey online gaming, as it may help reverse internet poker’s unpredictable manner.

Web gaming companies are now being told to expect a revenues increase of 17 percent in 2017. Global gaming industry research group Eilers & Krejcik says online gambling in the Garden State will reach new highs in the year ahead, inspite of the firm’s prediction that electronic poker will decline by six percent.

Most useful yet for Atlantic City is their prediction that online play is leading to more bets placed at the remaining seven land-based casinos.

‘Increased integration between the online and live casino appears to be driving additional play and visitation at land-based properties,’ the Eilers & Krejcik study stated.

Very good News or Bad News?

While the headline reads nicely myfreepokies.com for internet casino operators therefore the state’s tax coffers, 17 percent, while strong growth, would be a slowdown actually in regards to yearly percentage gain.

The nj-new Jersey Division of Gaming Enforcement (DGE) reported total internet gaming in 2016 came in at $196.7 million. That’s nearly $48 million significantly more than the five land-based c Continue reading “Nj-new jersey Online Gaming Study Predicts Huge Growth Trend Will Stay in 2017”